How much is $200k of debt?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Anacreon

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How much is $200k of debt?

Postby Anacreon » Sun Jan 30, 2011 11:33 am

That would be counting UG and LS (with $10/yr.). Just a rough number, basically. But knowing whether it's on the high end of the scale will make me be very careful about which school I'd choose. Coming from a school in the 19-25 ranking range.

Thanks

CanadianWolf

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Re: How much is $200k of debt?

Postby CanadianWolf » Sun Jan 30, 2011 11:33 am

Too much.

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Clarity

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Re: How much is $200k of debt?

Postby Clarity » Mon Jan 31, 2011 11:38 pm


ran12

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Re: How much is $200k of debt?

Postby ran12 » Tue Feb 01, 2011 12:40 am

about 300k

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artichoke

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Re: How much is $200k of debt?

Postby artichoke » Tue Feb 01, 2011 12:43 am

It's a lot. But definitely doable if you have a great job...

mala2

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Re: How much is $200k of debt?

Postby mala2 » Sun Feb 13, 2011 10:08 pm

it's a nice house

dakatz

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Re: How much is $200k of debt?

Postby dakatz » Sun Feb 13, 2011 10:12 pm

Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

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GATORTIM

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Re: How much is $200k of debt?

Postby GATORTIM » Sun Feb 13, 2011 10:14 pm

100+25+50+10+15+199,800

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prezidentv8

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Re: How much is $200k of debt?

Postby prezidentv8 » Sun Feb 13, 2011 10:17 pm

About 4,000 pro batting helmets, or about 16651957 Yen.

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T6Hopeful

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Re: How much is $200k of debt?

Postby T6Hopeful » Sun Feb 13, 2011 10:40 pm

dakatz wrote:Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.

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DeeCee

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Re: How much is $200k of debt?

Postby DeeCee » Sun Feb 13, 2011 10:41 pm

T6Hopeful wrote:
dakatz wrote:Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.


T6, were you the one not long ago who decided against LS?

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T6Hopeful

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Re: How much is $200k of debt?

Postby T6Hopeful » Sun Feb 13, 2011 10:43 pm

DeeCee wrote:
T6Hopeful wrote:
dakatz wrote:Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.


T6, were you the one not long ago who decided against LS?

I was, in fact. I do come on here now and then (though nowhere near as much as I obsessed when I was in-cycle). So you've revealed the bias in my comment above :wink:

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thelaststraw05

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Re: How much is $200k of debt?

Postby thelaststraw05 » Sun Feb 13, 2011 10:44 pm

mala2 wrote:it's a nice house


Depends where. Where I live it won't buy you a 600 sq ft condo.

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DeeCee

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Re: How much is $200k of debt?

Postby DeeCee » Sun Feb 13, 2011 10:46 pm

T6Hopeful wrote:
DeeCee wrote:
T6Hopeful wrote:
dakatz wrote:Its an inconceivably high amount (to anyone in their low to mid 20's at least) that could very well burden you the rest of your life.

This.
It's $50,000 away from being a quarter of a million dollars.


T6, were you the one not long ago who decided against LS?

I was, in fact. I do come on here now and then (though nowhere near as much as I obsessed when I was in-cycle). So you've revealed the bias in my comment above :wink:


Well I'm not here to judge, believe me. I really liked your thread when you announced it because it's wonderful that people think rationally about what is best for them. I decided not too long ago that if I didn't get into my state school (UNC) or get a substantial scholarship I would not attend. Now that I'm in UNC I feel much better about my situation. I just couldn't stomach 200k, no matter what.

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DeeCee

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Re: How much is $200k of debt?

Postby DeeCee » Sun Feb 13, 2011 11:07 pm

OP, please think long and hard about your goals and if they align well with 200k in loans. Taking out that much money on a degree is something you must be sure about and feel confident that you can handle. I believe it translates to somewhere close to 2700 or 3000 a month in loan payments, which is a scary proposition if you don't end up in biglaw.

ndirish2014

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Re: How much is $200k of debt?

Postby ndirish2014 » Sun Feb 13, 2011 11:41 pm

200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.

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northwood

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Re: How much is $200k of debt?

Postby northwood » Sun Feb 13, 2011 11:44 pm

ndirish2014 wrote:200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.




this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...

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prezidentv8

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Re: How much is $200k of debt?

Postby prezidentv8 » Sun Feb 13, 2011 11:44 pm

northwood wrote:
ndirish2014 wrote:200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.




this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...


As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.

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fatduck

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Re: How much is $200k of debt?

Postby fatduck » Sun Feb 13, 2011 11:45 pm

with interest, it is about tree fiddy

thousand

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northwood

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Re: How much is $200k of debt?

Postby northwood » Sun Feb 13, 2011 11:48 pm

prezidentv8 wrote:
northwood wrote:
ndirish2014 wrote:200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.




this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...


As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.


looking back on it- i wish i went straight from ug to law school. But i wouldnt be where I am today, or who I am without the experience. But it took this long for me to solidify my desire to go to law school

dakatz

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Re: How much is $200k of debt?

Postby dakatz » Sun Feb 13, 2011 11:48 pm

fatduck wrote:with interest, it is about tree fiddy

thousand


Damn Loch Ness monster...

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fatduck

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Re: How much is $200k of debt?

Postby fatduck » Sun Feb 13, 2011 11:48 pm

northwood wrote:
prezidentv8 wrote:
northwood wrote:
ndirish2014 wrote:200K is alot and i would seriously think about working for a few years and saving up some money and understanding the value of money before you take on that kind of debt. Coming out of undergrad, i was unwilling to take out any more than $100,000 in loans and decided to postpone law school and try a different career path. That time off not only allowed me to save some money, it also solidified my desire to attend law school. Right now, i am ok with taking 100,000+ because i want to be a Lawyer and would probably regret not attending law school for the rest of my life. I understand the risks involved and am willing to accept the consequences. However, i would highly suggest you take a few years off and really understand the value of a dollar before you make that kind of investment.




this is a great reason why its a good idea to take a year or 2 off after undergrad before going to law school...


As someone who went straight through and is pretty happy with his decision to attend, I fully agree with you.


looking back on it- i wish i went straight from ug to law school. But i wouldnt be where I am today, or who I am without the experience. But it took this long for me to solidify my desire to go to law school


i wish i went straight from ug to law school cause i'd be partner by now

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mpj_3050

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Re: How much is $200k of debt?

Postby mpj_3050 » Sun Feb 13, 2011 11:51 pm

With Stafford yearly limit of 20k and the rest financed with Grad Plus loans it would be about 2.5k a month in loan payments for a 10 year repayment plan. There was a NYLS thread earlier and a good number of people there are paying sticker at 200k of debt. Crazy shit.

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DeeCee

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Re: How much is $200k of debt?

Postby DeeCee » Sun Feb 13, 2011 11:53 pm

mpj_3050 wrote:With Stafford yearly limit of 20k and the rest financed with Grad Plus loans it would be about 2.5k a month in loan payments for a 10 year repayment plan. There was a NYLS thread earlier and a good number of people there are paying sticker at 200k of debt. Crazy shit.


Note to OP: only pay 200k at a school that's T14. Otherwise you will be gunning to be at the top of your class to get a chance at big or mid law. And you could be struggling to pay those loans back-- big time.

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northwood

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Re: How much is $200k of debt?

Postby northwood » Sun Feb 13, 2011 11:54 pm

and make sure that you account for living costs when choosing a school.....



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